Learn more about third-party vendor management plans and best practices from Charles Denyer, one of the world’s foremost cybersecurity experts and keynote speakers.
With many organizations outsourcing services to other third-party entities, the issue of vendor management has become a noted topic in today’s business world. Vendor management principles have been around for many years as common due diligence practices constituted a normal part of business for any entity relying on another for services.
A Little Due-Diligence Goes a LONG Way
Today’s increased use of outsourcing to various third-parties has created a true need for monitoring such entities for baseline compliance measures with regards to an organization’s minimally accepted standards for security. Specifically, all outsourced processes, procedures, and practices relevant to an organization’s business must be monitored on a regular basis, which includes undertaking various measures on all third-parties providing critical services.
Proper vendor management means conducting extensive due diligence in vendor selection, assessing current vendors with regards to minimum requirements, reviewing all necessary contractual documentation, along with numerous continuous monitoring activities and management oversight. What’s brought about increased focus on vendor management is the growth in information technology and the need for properly monitoring an organization’s growing list of third-party providers.
Businesses – particularly vendors – come in all shapes and sizes in terms of products and services offered, and the key for a healthy relationship amongst two parties begins with an open dialogue, effective communication throughout all phases of the relationship, along with essential due-diligence and ongoing control assessments. Knowing your suppliers is without question a key element of an organization’s overall success, thus the adoption and implementation of a documented Third-Party Due-Diligence & Vendor Management Program should be an organizational mandate supported by all levels of management throughout an organization.
The benefits of due diligence and vendor management are meaningful indeed, as a number of well-known organizations and associations have declared the following:
- “Comprehensive due diligence demonstrates a genuine commitment to uncovering and preventing violations.”
- “Properly documented risk-based due diligence pertaining to the hiring and appropriate and regular oversight of agents and business partners” is essential for good business practice
- “Businesses may reduce risks associated with third-party agents by implementing an effective compliance program, which includes due diligence of any prospective foreign agents.”
– Source: https://www.justice.gov/
Want to Learn More and also Grow your Business?
Want to learn more about third-party vendor management and how cybersecurity can be your rock-solid competitive advantage for long-term growth and profits? Charles Denyer, one of the world’s leading cybersecurity specialists and a globally recognized cybersecurity keynote speaker, offers organizations a way to secure their information systems, while also creating immense value – and increased revenue generating opportunities from their clients. How? By obtaining a competitive advantage through cybersecurity. Book Charles as your next keynote speaker, and learn more about securing and growing your business today.